#1
What is the legal term for the act of agreeing to the terms of an offer?
Revocation
Rejection
Counteroffer
Acceptance
#2
What is the legal term for a contract that is formed through the actions of the parties, rather than through written or spoken words?
Implied contract
Express contract
Executed contract
Voidable contract
#3
What is the legal term for the act of canceling or terminating a contract?
Revocation
Rescission
Rejection
Repudiation
#4
What is the legal term for an agreement made in jest or without serious intent?
Void contract
Unilateral contract
Executed contract
Agreement in principle
#5
Which of the following is an essential element of a valid contract?
Offer and acceptance
Meeting of the minds
Performance
Intent to create legal relations
#6
What is the legal term for withdrawing an offer before it is accepted?
Revocation
Rejection
Counteroffer
Acceptance
#7
Which of the following is NOT a requirement for a valid offer?
Communication
Serious intent
Certainty
Acceptance
#8
Which of the following is NOT a type of contract termination?
Performance
Novation
Frustration
Conception
#9
In contract law, what does the term 'capacity' refer to?
The physical space where the contract is signed
The mental capacity of the parties involved
The legal ability of parties to enter into contracts
The financial resources available for performance
#10
In contract law, what does 'consideration' refer to?
The price paid for the goods or services
The intention to create legal relations
The mutual agreement between parties
The legal capacity of the parties
#11
Which of the following types of contracts must be in writing to be enforceable?
Contracts for the sale of goods over $500
Contracts involving real estate
Contracts for services
Contracts for personal loans
#12
What is the legal term for a contract in which one party promises to do something in exchange for the other party's promise to do something else?
Unilateral contract
Bilateral contract
Void contract
Executed contract
#13
Under what circumstances might a contract be deemed 'voidable'?
When both parties have fulfilled their obligations
When one party was coerced into entering the contract
When the subject matter of the contract becomes illegal
When the contract is not in writing
#14
Which of the following contracts is typically NOT enforceable by law?
Contracts with minors
Contracts for illegal activities
Contracts for the sale of goods
Contracts for personal services